PROG (NYSE:PRG) Sets New 1-Year Low - Time to Sell?

PROG Holdings, Inc. (NYSE:PRG - Get Free Report) shares hit a new 52-week low during trading on Tuesday . The company traded as low as $27.44 and last traded at $27.29, with a volume of 40679 shares traded. The stock had previously closed at $28.81.

Wall Street Analyst Weigh In

PRG has been the topic of a number of analyst reports. TD Cowen raised PROG to a "strong-buy" rating in a research report on Friday, November 29th. Jefferies Financial Group lowered shares of PROG from a "buy" rating to a "hold" rating and decreased their price objective for the stock from $58.00 to $29.00 in a report on Wednesday, February 26th. Finally, Stephens restated an "overweight" rating and issued a $60.00 price objective on shares of PROG in a report on Thursday, January 2nd. Two investment analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $49.00.

PROG Stock Performance

The company has a market capitalization of $1.15 billion, a PE ratio of 6.20 and a beta of 2.14. The company has a current ratio of 5.24, a quick ratio of 2.34 and a debt-to-equity ratio of 0.99. The business's fifty day moving average is $38.85 and its two-hundred day moving average is $43.84.

PROG (NYSE:PRG - Get Free Report) last announced its earnings results on Wednesday, February 19th. The company reported $0.80 earnings per share for the quarter, beating analysts' consensus estimates of $0.77 by $0.03. The business had revenue of $623.30 million during the quarter, compared to analyst estimates of $612.67 million. PROG had a net margin of 8.01% and a return on equity of 24.25%. The company's quarterly revenue was up 7.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.72 EPS. Equities research analysts predict that PROG Holdings, Inc. will post 3.45 earnings per share for the current year.

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PROG Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Thursday, March 13th will be paid a dividend of $0.13 per share. The ex-dividend date of this dividend is Thursday, March 13th. This is a positive change from PROG's previous quarterly dividend of $0.12. This represents a $0.52 dividend on an annualized basis and a yield of 1.85%. PROG's payout ratio is currently 10.57%.

Insider Buying and Selling at PROG

In related news, Director Douglas C. Curling acquired 10,000 shares of PROG stock in a transaction dated Friday, February 21st. The stock was purchased at an average cost of $29.88 per share, for a total transaction of $298,800.00. Following the purchase, the director now directly owns 45,913 shares of the company's stock, valued at approximately $1,371,880.44. This trade represents a 27.85 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Caroline Sio-Chin Sheu acquired 1,650 shares of PROG stock in a transaction dated Wednesday, February 26th. The stock was bought at an average price of $28.01 per share, with a total value of $46,216.50. Following the completion of the purchase, the director now directly owns 18,291 shares in the company, valued at $512,330.91. This represents a 9.92 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 2.74% of the company's stock.

Institutional Investors Weigh In On PROG

Several hedge funds and other institutional investors have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of PROG by 2.0% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,201 shares of the company's stock worth $980,000 after purchasing an additional 446 shares in the last quarter. LPL Financial LLC increased its stake in shares of PROG by 2.4% in the 4th quarter. LPL Financial LLC now owns 19,719 shares of the company's stock worth $833,000 after purchasing an additional 458 shares in the last quarter. Comerica Bank boosted its holdings in PROG by 1.2% in the 4th quarter. Comerica Bank now owns 39,029 shares of the company's stock worth $1,649,000 after buying an additional 473 shares during the period. State of Wyoming boosted its holdings in PROG by 10.9% in the 4th quarter. State of Wyoming now owns 5,694 shares of the company's stock worth $241,000 after buying an additional 560 shares during the period. Finally, HB Wealth Management LLC boosted its holdings in PROG by 4.1% in the 4th quarter. HB Wealth Management LLC now owns 16,176 shares of the company's stock worth $684,000 after buying an additional 631 shares during the period. 97.92% of the stock is currently owned by hedge funds and other institutional investors.

About PROG

PROG Holdings, Inc NYSE: PRG is a financial technology holding company based in Salt Lake City, Utah with three business segments: Progressive Leasing, which offers lease-to-own transactions primarily to credit-challenged consumers through e-commerce and point-of-sale retail partners, via online, mobile, and in-store solutions; Vive Financial, which provides consumers who may not qualify for traditional prime lending with a variety of second-look, revolving credit products through private label and branded credit cards; and Four Technologies, which provides consumers of all credit backgrounds Buy Now, Pay Later (BNPL) options through four interest-free installments via its platform, Four.